Supply chain woes: Virgin Wines stocks up for Christmas year in advance
Virgin Wines revenue has jumped around a third to £73.6m in the past year, buoyed by strong levels of customer demand.
In comparison with pre-pandemic figures, revenue has soared 73 per cent in the year to 30 June. Meanwhile, profit before tax and exceptional items has surged 86 per cent to £5.2m.
The retailer has also already stocked up for the Christmas period, doing so last year, which will mean a smoother trading period at the festive crunch time.
The company, like many others, has been face with a string of supply chain woes and cost inflation.
But with sales up 13.3 per cent, and new customer acquisitions up by more than 10 per cent, Virgin Wines’ board “remains optimistic” about the next financial year.
CEO Jay Wright said: “Whilst we remain mindful of the potential impact from the easing of lockdown restrictions on consumer spending patterns, recent customer retention data has proven promising and we are confident that Virgin Wines, underpinned by underlying, subscription-weighted growth drivers, its strong brand and unique customer proposition remains well placed to take advantage of future consumer trends.”
The wine retailer also posted a “robust” balance sheet, with some £5.1m of net cash as of late June.